5 Tips When Buying Luxury Real Estate In Park City

Purchasing a home or condo is generally one of the biggest investments people make in their lifetimes. Property purchases can be stressful, but hiring a great agent, who provides helpful tips, can definitely make the process smoother. Here are my top 5 tips when buying luxury real estate in Park City:

Use an experienced local Real Estate Agent.

A great agent can make or break a transaction. Hire someone who knows the ins and outs of Park City and who has superior local market knowledge. It’s easy to learn about subdivisions and areas of Park City, including local recreation on the internet, but there is something to be said about a Realtor® who has first-hand experience of the town. Local Realtors® also get the inside scoop of great properties not yet listed on the MLS, which is a true advantage in a competitive market.

Pick a finite area of Park City you’d like to live in.

Park City is bigger than you might think. While it maintains the small town charm, there are dozens of neighborhoods and hidden enclaves in Park City. It’s easiest when you first decide in which area you would like to purchase. For example: Old Town, Snyderville, more outlying areas, or a gated community? Once you have honed in on your favorite areas, use your Realtor®’s knowledge to help you understand the real estate value in the neighborhoods you like.

What community/property amenities are important to you?

Park City has dozens of choices when it comes to community lifestyles or property amenities. Do you want a stress free slope-side condominium or a single-family home with membership clubhouses and outdoor activities for the family? Depending on what you want or need, let your Realtor® know so they can schedule you for amenity tours in many of Park City’s neighborhoods.

Decide how you will use the property.

Will this luxury property also be an investment income property? Most neighborhoods and areas of Park City have an HOA, which will come with a set of guidelines. If you want to use your luxury property as an investment property, let your Realtor® know. Nightly rentals are highly limited and restricted to certain areas of Park City, while long-term rentals are more amenable to HOA rules and regulations.  If you don’t want to rent your unit out, will you be hosting large amounts of people? Since space needs to be considered, small luxury condos may not be the best fit depending on your use. Will you need a property manager? A great Realtor® will provide excellent insight in to the property management world.

Get pre-approved first.

Interest rates are still historically low. If you plan on financing, get pre-approved with a local lender before looking at luxury property. A great local Realtor® will know what local lenders have excellent programs for luxury homes. It is best to speak with your financial advisor about the tax advantages to owning a vacation home as well. Taking these preliminary steps will provide you a baseline of your purchasing power in Park City and can determine the factors of where and what you decide to buy.

If you are interested in purchasing a luxury property in Park City, please contact me, Mary Ciminelli, at (801) 550-7563.